Preferential Trade Agreements (PTAs) or Generalized System of Preferences (GSP) is a special status given in trade by various countries. In the United States, it is designed to promote economic growth in the developing country, the agreement provides duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories. GSP was instituted on January 1, 1976, by the Trade Act of 1974, mentioned US government. India government, however, thinks the plan has been proliferating since the establishment of the World Trade Organisation (WTO) in 1994.

List of India's trade agreements

1. Partial Scope Agreement (PSA) : A PSA allows countries to trade in a small number of goods, making the scope minimal.

2. Free Trade Agreement (FTA) : A free trade agreement is a preferential arrangement in which members reduce tariffs on trade among themselves while maintaining their own tariff rates for trade with non-members.

3. Customs Union (CU) : A cu